A 62-year-old Colleyville man accused of defrauding nearly 100 investors out of $3.7 million in a wind farm scam was convicted last week.
A federal jury found David Lyman Spalding guilty Wednesday after a weeklong trial before U.S. District Judge Barbara M.G. Lynn, the U.S. attorney’s office said.
Spalding promised 97 investors in 11 states a generous return on their money from Wind Plus Inc., a renewable-energy company he created, a news release said.
Investigators presented evidence that the scam ran from at least 2003 into 2011.
Spalding spent most of the money for his personal benefit, prosecutors said. He acquired real estate, traveled overseas and bought jewelry, including a $76,000 ring, the Star-Telegram previously reported.
Don Delaney of Chicago, one of the bilked investors, said he traveled to Dallas to be in the courtroom when the jury’s verdict was returned.
“He is a sociopath and a narcissistic, pathological liar,” Delaney said.
Delaney said he gave Spalding $225,000 in 2005-06. The big return was to come if the company went public, Delaney said. He expected “to end up with 2.2 million shares, but the whole thing was a scam.”
Spalding was arrested at his Colleyville home on Nov. 12, 2013.
He remains free on bail until sentencing, set for July 29.
Spalding could also be ordered to forfeit a money judgment in the amount of the fraud and to forfeit his house in the 3900 block of Spring Garden Drive in Colleyville. The home is valued at $300,000 by the Tarrant Appraisal District.
Spalding was convicted of two counts of wire fraud, one count of mail fraud, two counts of making false testimony under oath and one count of making a false statement, the news release said.
Each fraud count carries a maximum of 20 years in federal prison and a $250,000 fine. The other counts carry a maximum of five years in federal prison and a $250,000 fine.
This report includes material from the Star-Telegram archives.
Monica S. Nagy, 817-390-7792